12th Jun 2018 11:59
LONDON (Alliance News) - Frontier Developments PLC on Tuesday said it traded ahead of expectations despite predicting a year-on-year drop in revenue in its most recently ended financial year.
The video games publisher said in the six months ended November 2017, its Elite Dangerous and Planet Coaster franchises delivered strong performance. The momentum continued into the second half of the year and Frontier now expects to report annual results ahead of market expectations.
Revenue for the year ended May 31 is anticipated at GBP34.0 million, while operating profit is expected to come in at GBP2.0 million. Prior year, Frontier reported a revenue of GBP37.4 million and operating profit GBP7.8 million.
In addition, the company announced the launch of Jurassic World Evolution. It said it expects no pre-order revenue for the game in its most recently ended financial year.
Looking ahead, the company said it already has future franchises in different phases of development. Frontier also intends to continue to explore other models to accelerate its scale-up by further leveraging existing expertise, intellectual property, publishing presence, relationships and financial position.
"The launch of Jurassic World Evolution, our third franchise, is another exciting milestone for Frontier," said Chief Executive David Braben. "I look forward to providing updates on our exciting future games in due course, together with news on our three popular existing franchises as we enhance their content further."
Shares in Frontier were trading 0.2% higher at 1,618.00 pence each on Tuesday.
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